By Adriano Marchese
Toronto stocks were sharply lower midday Thursday as investors sold off positions in the wake of President Trump's tariff announcement Wednesday.
Both Canada and Mexico have both been spared additional tariffs. Nearly all sectors were in negative territory, with the biggest losses in consumer durables, tech and energy. Only communications and health services posted some gains.
On the broader economic front, Canadian exports of a wide range of products pulled back sharply in February to 1.52 billion Canadian dollars, the equivalent of about US$1.07 billion. The change narrowed the country's trade surplus with the U.S. and offers a sign of the volatility that can be expected as the Trump administration wields tariffs over its trading partners.
At midday, Canada's S&P/TSX Composite Index fell 2.9%, to 24575.89, and the blue-chip S&P/TSX 60 declined by 2.9%, to 1476.22.
Shares in Dollarama bucked the broader negative trend, rising 4.3%, to C$166.25, after reporting higher fiscal fourth-quarter profit as Canadians continued to seek value in their everyday shopping, driving sales across the company's expanding store network.
Other market movers:
Canadian clothing retailers Aritzia and Gildan Activewear were sharply lower, falling 21%, to C$41.42, and 9.4%, to C$59.13, respectively, after Trump's tariffs targeted many countries these companies source their products from, potentially weighing on margins. Canada-based, New York-listed athletic-wear retailer lululemon athletica was also down sharply over the same concerns.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 03, 2025 12:12 ET (16:12 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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